Production Linked Incentive (PLI) schemes for semiconductors, electronics etc. are at various stages of implementation

Union Commerce and Industry Minister Piyush Goyal recently attended the third edition of FICCI LEADS 2022 held in Delhi. The industry event organized by the Federation of Indian Chambers of Commerce and Industry (FICCI) saw the presence of various leaders including the Finance Minister. LEADS (Leadership, Excellence, Adaptable, Diversity, Sustainability) is FICCI’s global thought leadership initiative.

At the event, Goyal said, “We are committed to making India a manufacturing hub. We have come out with a PLI scheme for 14 sectors, excluding (PLI scheme for) semiconductors, aggregated to Rs 2.7-3 trillion. We are ready to go the extra mile in other sectors. If there is a need, we are already working on several PLI schemes.” Notably, the Union government has launched Production Linked Incentive (PLI) schemes for various products including technology, automobiles, electronics, special steel and others to boosted manufacturing in India. While most of these schemes are currently being implemented, the minister assured that more sectors are being considered for similar production boost.

The minister emphasized the quality of the products and pointed out that it is time to abandon the different standards for the domestic and international markets. “Colonial thinking must be removed from our ecosystem. Covid-19 has helped us understand the value of quality. There is a resurgence of confidence in our producers and this is an opportunity we should not miss.”

Goyal said, “In the last two days in Saudi Arabia, I have discussed nearly 30 sectors where they are looking at our involvement. Pharmaceuticals, mining, innovation and startups, infrastructure offer huge opportunities,” while referring to the recent Free Trade Agreements (FTAs) we are entering into with countries around the world.

Commerce Minister Hints At PLI For More Sectors

Previous articleThe best Nvidia graphics card of 2022
Next articleMacBook Pro price war rages on with 14-inch model dropping to $1,599 ($400 off)